SOCAR buys stake in Tamar project

SOCAR continues to acquire stakes in strategic assets in foreign countries in line with its strategy to expand production footprint.

Report informs, citing the company, that within this framework, on January 31, 2025, an agreement was signed with Union Energy for the acquisition of 10% effective ownership in the Tamar field, located offshore of Israel, one of the largest and most strategically important gas fields in the Mediterranean basin.

With this step, SOCAR has begun implementing investment in upstream projects in the Mediterranean region. The agreement was signed subject to certain conditions being met, including customary regulatory and other approvals.

The company said it will continue its efforts to acquire stakes in strategic assets in foreign countries in the future.